Gold as an alternative payment and save haven against inflation

IF 2.2 4区地球科学 Q2 GEOSCIENCES, MULTIDISCIPLINARY

Acta Montanistica Slovaca Pub Date : 2023-06-12 DOI:10.46544/ams.v28i1.01

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引用次数: 0

Abstract

Physical gold has a long history as a store of value. It dates back to ancient times and still has high importance today. Technological advancements in distributed ledger technology eliminate the downsides of physical gold we were exposed to in the past. In this article, we analyze the relationship between the gold price and inflation and ask whether gold is suitable as an alternative means of payment. Regarding the mentioned tokenization possibility, gold fulfils all the functions to become a means of payment. We tested the value storage capability of gold. This was tested by relating gold as a protection against inflation to HICP in regression analyses and mean comparisons. A total of six hypotheses were tested, of which three could be rejected. The existing literature mainly focuses on testing the correlation between gold and other assets to verify its safe haven property. A part of this paper tests the regression relationship in which the dependent variable is represented by gold, and the independent variable is represented by inflation. Under this methodology, we demonstrated that a stable, statistically significant positive relationship exists when using log gold prices and log HICP values.

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黄金作为替代支付方式和抵御通货膨胀的避险工具

实物黄金作为一种价值储存手段有着悠久的历史。它可以追溯到古代，今天仍然非常重要。分布式账本技术的技术进步消除了我们过去接触到的实物黄金的缺点。在本文中，我们分析了黄金价格与通货膨胀之间的关系，并提出黄金是否适合作为另一种支付手段。关于上述代币化的可能性，黄金具备成为支付手段的所有功能。我们测试了黄金的保值能力。在回归分析和均值比较中，通过将黄金作为对抗通货膨胀的保护手段与HICP联系起来，检验了这一点。总共测试了六个假设，其中三个可以被拒绝。现有文献主要是通过检验黄金与其他资产的相关性来验证其避险属性。本文的一部分检验了因变量以黄金表示，自变量以通货膨胀表示的回归关系。在这种方法下，我们证明了在使用对数黄金价格和对数HICP值时存在稳定的、统计上显著的正相关关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Acta Montanistica Slovaca 地学-地球科学综合

CiteScore

3.60

自引率

12.50%

发文量

审稿时长

30 weeks

期刊介绍： Acta Montanistica Slovaca publishes high quality articles on basic and applied research in the following fields: geology and geological survey; mining; Earth resources; underground engineering and geotechnics; mining mechanization, mining transport, deep hole drilling; ecotechnology and mineralurgy; process control, automation and applied informatics in raw materials extraction, utilization and processing; other similar fields. Acta Montanistica Slovaca is the only scientific journal of this kind in Central, Eastern and South Eastern Europe. The submitted manuscripts should contribute significantly to the international literature, even if the focus can be regional. Manuscripts should cite the extant and relevant international literature, should clearly state what the wider contribution is (e.g. a novel discovery, application of a new technique or methodology, application of an existing methodology to a new problem), and should discuss the importance of the work in the international context.